LVMH, Farlabo & Richemont share unique insights with IE students at the luxury day

What took place?

First Part: The Business Panel, featuring Iván Abeniacar, CEO at Farlabo, María Rivero Ximénez, Global E-Business & CRM Manager at Loewe Perfumes, and Alejandra Cosio, Client & Strategic Projects Director at Cartier.

Second Part: The HR Panel, with Mónica Peñaranda, Strategy, Culture & People Director at Farlabo, Amelia Porchia, Talent Acquisition Manager Europe at Richemont, and Liam Connolley Diversity & Inclusion, HR Director at Richemont.

While the first panel focused on conversation topics surrounding market evolutions, the impact of new technology, and consumer trends, the second panel provided more candid advice and key insights into becoming the perfect candidate in the luxury world. This provided students with a comprehensive overview of the realities of the luxury industry and what it's like to work there.

Four particularly notable insights were shared by the panelists, emphasizing once more the invaluable access to high-quality information that students gain through the careers services department's organization of such events.

Brand DNA is a guiding principle for every business decision

"Craftmanship is also part of our DNA, and we need to be true to our values." María Rivero Ximénez, Global E-Business & CRM Manager at Loewe Perfumes

Retail experience is a cornerstone of luxury brand strategy

When the panel discussed their retail strategies, they emphasized that brands place significant importance on the customer experience in physical point-of-sale environments, considering it essential for building relationships with their customer base.

Incidentally, having retail experience was highlighted as vital for candidates to possess, mainly because it is crucial for individuals to understand the complexity of clients, processes, and how to deliver the perfect experience to customers. These are concepts that are typically not developed in an office environment, further underscoring the importance of gaining experience in a sales setting.

"Candidates need to understand what sales require; they need to understand what the client is looking for."
Iván Abeniacar, CEO at Farlabo

AI, Technological Advancements, Sustainability and Newer Consumption Habits are opportunities in waiting

While acknowledging that they are in the early phases of AI adoption, these brands are awaiting further evolution to align with their business objectives beyond the current state of automating low-value tasks. However, they have already integrated blockchain and data management into their core strategy and business practices, recognizing these technologies as essential for enhancing product quality and traceability of both products and raw materials.

When asked by students, LVMH, Richemont, and Farlabo discussed the secondhand market and the potential it holds. Secondhand platforms and stores, such as Vinted, allow products to be given a new life, aligning with their commitment to craftsmanship. This presents an opportunity for these luxury brands to attract new buyers and foster brand loyalty.

“The Vinted customer is a potential future customer of your brand,” said Iván Abeniacar, CEO at Farlabo.

It was also mentioned that having an entrepreneurial spirit aligns with the industry values and the type of person they seek to recruit. This entrepreneurial mindset resonates with IE students, as entrepreneurship is one of the core values of IE University.

"Luxury doesn’t mean easy. We have a lot of resources compared to other sectors, but the entrepreneurial spirit must be there."